Business Term Loan

Business Term Loan

Qualification Criteria:

Terms: 3 Months -60 Months
Credit Score: 550+ FICO
Time In Business: 3 Months
Minimum Revenue: $10,000/Month
Max Judgements/Liens: $150,000
Minimum Funding: $5,001
Maximum Funding: $2,000,000
Origination Fee: 3%

Specific industries may have additional requirements for approval and funding. Ask our representative for more details.*

Overview of the Program

Navigating the process of obtaining a small business loan can seem daunting, but with lendDEFY™, we strive to make it straightforward and efficient. Our goal is to minimize the hassle and maximize the opportunity for your business to thrive. Here’s how to get started:

  1. Preparation is Key: Before applying, gather the essential documents you’ll need. This preparation can significantly streamline the application process.

  2. Necessary Documentation: To apply for a small business loan with lendDEFYâ„¢, you should have the following:

    • A valid form of identification to verify your identity.
    • Online access to your business bank account or the last three months of business bank statements to assess your business’s financial health.
    • Your business bank account and routing number, ensuring that we can transfer funds directly to your account upon approval.
  3. The Application Process: Applying for a small business loan with lendDEFYâ„¢ is designed to be simple and fast. Our online application can be completed in just a few steps, and our team works diligently to review your submission promptly.

  4. Review and Approval: Once your application and documents are submitted, lendDEFYâ„¢ will assess your loan request. If approved, the working capital you need will be deposited directly into the business bank account you provided.

  5. Follow-Up Support: Our commitment to your business doesn’t end with funding. lendDEFY™ offers ongoing support to help you navigate the financial aspects of running your business successfully.

Looking for More Information?

If you’re seeking more detailed guidance on securing a small business loan, we invite you to explore our blog. Our comprehensive posts provide in-depth insights and tips on applying for a small business loan, helping you understand the process and improve your chances of approval.

With lendDEFY™, securing a small business loan is accessible and straightforward. By preparing your documents in advance and following our simple application process, you can quickly obtain the working capital needed to propel your business forward. Visit our blog for additional resources and information tailored to support your business’s financial journey.

Requirements for a Small Business Loan

Securing a small business loan through lendDEFY™ is designed to be a streamlined process, aimed at helping your business access the capital it needs without unnecessary complexity. Understanding the requirements upfront can help ensure that your application process is smooth and efficient. Here’s what you need to know:

  1. Time in Business: Lenders want to see that your business has been operational for a certain period, as this demonstrates stability and viability. lendDEFYâ„¢ will assess the duration your business has been in operation as a part of our evaluation.

  2. Revenue: Your business’s revenue is a crucial indicator of its financial health and ability to repay the loan. lendDEFYâ„¢ will review your revenue streams to determine the loan amount your business qualifies for.

  3. Business Bank Account: Having an active business bank account is essential. It not only facilitates the transfer of funds upon loan approval but also serves as a key financial record for assessing your business’s cash flow and financial management.

  4. Identification: Valid identification, such as a driver’s license or passport, is required to verify the identity of the business owner(s). This step is crucial for the security and legality of the loan process.

Streamlining Your Application:

While the above are the most common requirements, it’s important to note that the specific needs can vary slightly depending on the lender and the type of loan. Here’s how lendDEFY™ makes the process as straightforward as possible:

  • Clear Guidelines: lendDEFYâ„¢ provides clear, detailed guidelines on our application requirements, ensuring you know exactly what’s needed from the start.

  • Supportive Team: Our team is here to assist you through the application process, helping to clarify any questions and ensuring you have all the necessary documentation prepared.

  • Efficient Processing: With an emphasis on efficiency, lendDEFYâ„¢ aims to process your loan application promptly, getting the capital into your hands as quickly as possible.

Getting Started:

If you’re considering a small business loan with lendDEFY™, we encourage you to gather the required documents and information in advance. This preparation will help expedite the application process, bringing you one step closer to accessing the working capital your business needs.

Remember, these requirements are not just formalities but essential aspects of securing a loan that fits your business’s financial situation and growth aspirations. lendDEFY™ is committed to providing small businesses with the financial solutions they need to succeed, with transparent requirements and a straightforward application process.

Securing a Small Business Loan with Bad Credit

Credit scores play a significant role in financing decisions, but they aren’t the be-all and end-all, especially when it comes to alternative lending solutions provided by lendDEFYâ„¢. If you’re concerned about how your credit score might affect your ability to secure a small business loan, here’s what you need to know:

Beyond Credit Scores:

While traditional lenders might place considerable weight on credit scores, lendDEFYâ„¢ adopts a more holistic approach to evaluating loan applications. We understand that a credit score is just one piece of the puzzle and not necessarily indicative of your business’s current health or future potential. Here’s how we assess your application:

  1. Revenue: A steady stream of income demonstrates to lendDEFYâ„¢ that your business has the cash flow needed to meet repayment obligations. It’s one of the primary indicators we consider during the evaluation process.

  2. Time in Business: The longevity of your business provides insights into its stability and resilience. Longer time in business can positively impact your loan application with lendDEFYâ„¢.

  3. Accounts Receivables: For businesses that invoice their clients, accounts receivables can be a critical factor in determining the ability to generate consistent revenue.

  4. Business Credit History: While personal credit may not be stellar, a solid business credit history can help bolster your loan application, demonstrating responsible financial management to lendDEFYâ„¢.

Navigating the Application Process:

If you’re concerned about your credit rating, lendDEFYâ„¢ offers resources and guidance to help you navigate the application process:

  • Educational Resources: Our blog features articles on how to secure a small business loan with low credit, offering tips and strategies to improve your chances of approval.

  • Personalized Support: Our team is dedicated to helping you understand your options and guiding you through the application process, ensuring that you have the best possible chance of securing the funding you need.

Taking the Next Step:

If you’re ready to explore your financing options despite concerns about credit, lendDEFYâ„¢ is here to help. By considering the broader picture of your business’s performance and potential, we aim to provide financing solutions that support your growth and success, even if your credit isn’t perfect.

Remember, preparing your application by gathering financial documents and understanding the factors that lendDEFYâ„¢ considers can improve your chances of approval. Visit our blog for more insights and guidance on securing a small business loan with lendDEFYâ„¢, regardless of your credit history.

Understanding Short-Term vs. Long-Term Business Loans.

At lendDEFY™, we recognize that every business has unique financial needs and goals, which is why we offer a range of small business loan options that can be tailored to suit your specific situation. Whether you’re in need of a short-term boost to navigate a temporary cash flow gap or looking for a long-term solution to support growth and expansion, lendDEFY™ has you covered.

Short-Term Business Loans:

Short-term loans are an excellent option for businesses seeking quick access to working capital with the intention of repaying the loan in a shorter timeframe. lendDEFYâ„¢ offers short-term loan options starting at 3 months, extending up to 60 months, to accommodate a variety of business needs and repayment capabilities.

  • Quick Access to Capital: Ideal for covering immediate needs such as inventory purchases, emergency repairs, or seizing a timely business opportunity.
  • Faster Repayment: Short-term loans are designed to be paid off quickly, reducing the amount of interest accrued over time and potentially freeing up cash flow for future endeavors.

Long-Term Business Loans:

For businesses planning larger projects or seeking to invest in long-term growth, a long-term business loan might be more suitable. These loans provide a longer repayment period, which can help manage cash flow more effectively by spreading out the loan payments over time.

  • Longer Repayment Terms: With the possibility of terms up to 60 months, businesses can enjoy lower monthly payments, making it easier to budget and plan for the future.
  • Support for Growth: Long-term loans are well-suited for significant investments such as expansion, large-scale purchases, or extensive marketing campaigns.

Determining the Best Option for Your Business:

Choosing between a short-term and long-term business loan involves considering various factors, including:

  • Financial Health: Your business’s current financial situation and projected cash flow can influence which loan term is more manageable.
  • Purpose of the Loan: The specific reasons for seeking financing can dictate the ideal length of your loan term.
  • Growth Plans: Your long-term business goals and strategies should align with the type of financing you choose.

Collaborate with lendDEFYâ„¢:

The best way to determine the most suitable loan option for your business is to engage in a conversation with our team at lendDEFYâ„¢. Our experts are dedicated to understanding your business needs and guiding you towards the best financing solution, ensuring that you secure a loan that not only meets your immediate needs but also supports your long-term success.

By communicating your business requirements and objectives with lendDEFYâ„¢, you can rest assured that we will work tirelessly to find a financing solution that aligns with your goals, whether that means opting for a short-term loan for quick wins or a long-term loan for sustained growth.

Choosing Between Secured and Unsecured Loans for Your Small Business

Deciding between securing a secured or unsecured loan is pivotal for small business owners, depending on immediate needs, financial health, and strategic goals. Here’s a breakdown to help you decide which option aligns with your business objectives, especially when considering solutions from lendDEFYâ„¢.

Secured Business Loans:

Secured loans involve collateral—assets like real estate, inventory, or equipment—that your business owns, which the lender uses as security for the loan. Here are key points to consider:

  • Lower Cost of Funds: The presence of collateral decreases the lender’s risk, often leading to lower interest rates for your business, making this a cost-effective option.
  • Higher Financing Amounts: Offering collateral can unlock more significant loan amounts, providing the substantial capital your business might need for significant investments or growth.
  • UCC Financing Statement: lendDEFYâ„¢ will file a UCC financing statement to secure the loan, which places a lien on the specified collateral. This legal step is standard and is fully reversible once the loan is repaid in full.

Unsecured Business Loans:

Unsecured loans do not require any collateral, which may seem appealing but comes with its considerations:

  • Higher Risk for Lenders: Without collateral, the lender assumes more risk, reflecting higher interest rates or less favorable terms than secured loans.
  • No UCC Filing Required: As there’s no collateral to claim, lenders won’t file a UCC financing statement for unsecured loans, streamlining some aspects of the loan process.
  • Potentially Lower Loan Amounts: Unsecured loans may generally offer smaller amounts of financing due to the increased risk to the lender without secured collateral.

Making the Right Choice for Your Business:

The decision between a secured and unsecured loan with Rapid Finance should be guided by the following:

  • Financial Health and Needs: Evaluate your business’s financial stability and the specific purpose of the loan. Secured loans may offer better rates and higher amounts, which are beneficial for long-term investments. In contrast, unsecured loans might be suitable for businesses with limited collateral or those seeking quick, smaller amounts of funding.
  • Risk Tolerance and Strategic Goals: Consider your comfort level with placing assets as collateral versus potentially higher costs for unsecured borrowing. Your long-term strategic goals should also influence this decision.

Why Rapid Finance?

Choosing lendDEFYâ„¢ for your small business loan—whether secured or unsecured—means partnering with a lender that understands small businesses’ unique challenges and opportunities. Our application process is designed to be quick and straightforward, ensuring you can access the funding you need without delay.

By offering secured and unsecured loan options, lendDEFYâ„¢ aims to provide flexible solutions tailored to your business’s specific circumstances, helping you make informed financial decisions to support your growth and success.

Small Business Financing Calculators

Yes, at lendDEFYâ„¢, we understand the importance of planning and estimating your financing needs accurately. That’s why we offer a small business financing calculator designed to help you adjust and input specific business information, including the desired working capital amount, estimated credit score, and monthly sales figures. This tool provides you with a broad estimate of the financing options your small business may qualify for, giving you valuable insights into your potential loan terms and repayment scenarios.

How to Use Our Financing Calculator:

  • Working Capital Amount: Enter the amount of capital you are looking to secure to support your business operations or growth initiatives.
  • Estimated Credit Score: Input your current credit score range. Don’t worry if you’re unsure of your exact score; an estimate will suffice for this preliminary calculation.
  • Monthly Sales: Provide an estimate of your average monthly sales. This helps in determining the repayment terms that could best suit your business’s cash flow.

Next Steps After Using the Calculator:

While our financing calculator is a great starting point to understand what you might qualify for, it’s important to remember that it provides estimates based on the information you input. For a more detailed and accurate assessment of your business’s financing options, we recommend:

  • Applying Online: Visit lendDEFYâ„¢’s website to fill out our online application. This process is streamlined and user-friendly, ensuring you can quickly submit your information for review.
  • Giving Us a Call: If you prefer a more personalized approach or have specific questions, our team at lendDEFYâ„¢ is just a phone call away. We’re here to walk you through the application process and answer any questions you may have.

Why Choose lendDEFYâ„¢ for Your Financing Needs?

At lendDEFYâ„¢, we’re committed to providing small businesses with flexible financing solutions that meet their unique needs. Our small business financing calculator is just one of the many tools we offer to help you make informed decisions about your financing options. By partnering with lendDEFYâ„¢, you gain access to expert advice, tailored loan products, and the support you need to thrive in today’s competitive marketplace.

Whether you’re in the early stages of exploring financing options or ready to apply, lendDEFYâ„¢ is here to support your small business every step of the way.

* All programs are unique to the investor, lender, or partner and may require additional stipulations to approve or fund. Not all programs are loans, and some may require the last two years of tax returns or financials. Site visits can be requested on funding amounts that exceed $150,000. Liens or Judgment documentation may be required.  

How Does It Work?

lendDEFYâ„¢ specializes in providing small business loans that cater to small businesses’ unique demands and ambitions. Whether the goal is to expand operations, mitigate gaps in cash flow, embark on opening new locations, or invest in new equipment, lendDEFYâ„¢’s financing solutions are designed flexibly and. This approach allows business owners to focus on what truly matters—growing their business. By offering loans with amounts starting at $5,001 and extending up to $1 million, lendDEFYâ„¢ ensures that businesses across a spectrum of sizes and industries can access the working capital they need when they need it.

Understanding the diverse needs of small businesses, lendDEFYâ„¢ has structured its loans to be adaptable, supporting a wide range of business initiatives. From facilitating the smooth operation of day-to-day activities to fueling significant expansion projects, lendDEFYâ„¢’s financial solutions are tailored to support the strategic goals of each business. The process is streamlined to remove unnecessary hurdles, enabling quick access to funds. This efficiency is crucial for companies looking to seize opportunities without delay. Additionally, with fixed payments and longer terms, businesses can plan their finances with greater certainty, making lendDEFYâ„¢ loans suitable for those seeking stable, predictable financing.

Choosing lendDEFYâ„¢ as your financing partner means more than just receiving financial support; it signifies a partnership aimed at fostering business growth and success. lendDEFYâ„¢ distinguishes itself through a commitment to understanding each business’s unique context and needs, offering customized loan solutions and dedicated support throughout the loan process. This personalized approach ensures that each business receives the capital it needs and the guidance and support necessary to navigate the challenges and opportunities of business growth. With lendDEFYâ„¢, small businesses have a reliable ally in their journey towards achieving their ambitions.

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